Latest news with #USSenate
The Star
18 hours ago
- Politics
- The Star
Putrajaya yet to receive Adams request
WISMA Putra has yet to receive any application from the United States regarding the nomination of conservative commentator and writer Nick Adams as the new US Ambassador to Malaysia, says Foreign Minister Datuk Seri Mohamad Hasan. Any information regarding the matter would be brought to the Cabinet for its views and consideration before any decision is made, he added. 'On Nick Adams, we have yet to receive any request or agreement from the US government. 'Let's wait and see how it goes. Wisma Putra will provide views and considerations to be brought to the Cabinet and the Cabinet will decide on it,' he said when responding to a supplementary question by Abdul Latiff Abdul Rahman (PN-Kuala Krai). International media had previously reported that US President Donald Trump had nominated Adams, an Australian-born conservative political commentator who is now a US citizen, as the US Ambassador to Malaysia. Mohamad said it would be premature if Malaysia rejected Adams' appointment when no confirmation had been forthcoming from the US government. 'That's my only answer for now, because we haven't received anything (from the US government),' he said. Adams' nomination has been criticised by many over his far-right views and vocal support of the Israeli regime. His nomination by Trump will have to be approved by the US Senate before he can assume the role. Former ministers Datuk Zaid Ibrahim and Khairy Jamaluddin have earlier said Malaysia has every right under the Vienna Convention to reject Adams' appointment without providing a reason. On another matter, Mohamad said Datuk Seri Anwar Ibrahim's recent visit to France has helped strengthen bilateral relations between both countries. He added that leaders of both nations have held talks on several issues during the brief stopover by Anwar while on the way to Brazil to attend the BRICS Summit earlier this month. 'It is not accurate to say the Prime Minister's visit was not meaningful. 'The Prime Minister held talks with French President Emmanuel Macron on several issues. 'It was also the case about the Prime Minister's stopover in Italy, where he met the country's leader,' he told Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang). The MP had asked why Anwar was not accorded an official welcoming ceremony when he visited France. Wan Ahmad Fayhsal said a state-level welcome was accorded to the then prime minister, Tun Dr Mahathir Mohamad, in 1997 and Indonesian president Prabowo Subianto, who was invited to attend the Bastille Day celebration recently. He added Anwar's visit was a 'missed opportunity', particularly when Malaysia was chairing Asean. Mohamad said Anwar's visit was just a stopover in France while he was on his way to attend the BRICS summit. 'If it were an official visit, we would have gone directly to the country instead of just making a stopover,' he added. He said that Anwar decided to make stopovers in France and Italy as he had been invited by the leadership of the two countries.
New York Post
2 days ago
- Politics
- New York Post
Ex-Gov. George Pataki claims NY's top 3 Dems ‘hiding in the weeds' on Mamdani support: ‘Where is the leadership?'
New York's top three Dem leaders are 'hiding in the weeds' by refusing to say whether they support socialist Democratic nominee Zohran Mamdani for mayor, ex-Gov. George Pataki said Sunday. The Republican former three-term governor singled out Gov. Kathy Hochul, US Senate Democratic Minority Leader Chuck Schumer and House Democratic Minority Leader Hakeem Jeffries as spineless for refusing to take a stand on Mamdani, who he labeled a Marxist and antisemite. 'The mainstream media is not asking Jeffries, is not asking Schumer, is not asking Hochul, 'Are you for Mamdani or not?' Give us an answer. Don't hide. They are all hiding,' Pataki said on WABC 770 AM The 'Cats Roundtable' program. Advertisement 4 Former Gov. George Pataki called out top Democrats in New York for 'hiding in the weeds' when it comes to Democartic mayoral candidate Zohran Mamdani / MEGA 4 Pataki blasted Gov. Kathy Hochul for saying that she is backing Mamdani in the general election. Hans Pennink 'You can't really have a party that stands for anything when you have a Marxist running, and the three main leaders in New York of the Democratic Party – Jeffries, Schumer and Hochul – are all hiding in the weeds. Make them come out of the weeds. Are you for [Mamdani] or not?' Advertisement Pataki said the Democratic leaders may feel they're in a 'no-win' situation, but they can't forever duck the Mamdani question. 'If they endorse Mamdani, they have endorsed an antisemite Marxist. If they don't endorse him, then they're going to get primaried by all these left-wing radicals,' he told host John Catsimatidis. Courage is required in this extraordinary situation, the former governor said. 4 House Minority Leader Hakeem Jeffries met with Mamdani this week, but did not endorse him. Advertisement 'Where is the leadership? Are you going to support this left-wing antisemite? Or are you going to stand up for common sense? They're afraid to do it. We can't let them get away with it,' Pataki said of Hochul, Schumer and Jeffries. Some critics claim Mamdani is antisemitic for backing the boycott, divestment and sanctions movement against Israel, the world's only Jewish state. The Democratic mayoral candidate has said opposing the Zionist state is not antisemitic and that he would fight against Jew hatred as mayor. Jeffries, a congressman from Brooklyn who could become the next House speaker if Democrats win back the chamber in next year's midterm elections, met with Mamdani on Friday. A Jeffries spokesman said the meeting was constructive but did not elaborate. Advertisement 4 Senate Minority Leader Chuck Schumer has also avoided making an endorsement in the mayoral election. Bonnie Cash/UPI/Shutterstock Schumer said he has spoken with Mamdani and will meet with him. Hochul has spoken with Mamdani since his primary victory and suggested she opposes his plan to hike taxes on millionaires and corporations by a combined $9 billion to back his agenda for fare-free buses, universal extended child care and the expansion of affordable housing. Both of his proposed tax increases require Albany's approval, and Hochul and state legislators are up for re-election next year. The Republican National Committee is already posting old clips of controversial statements made by Mamdani about seizing private property and questioning the purpose of jails and prisons. Pataki claimed Republican mayoral nominee and Guardian Angels founder Curtis Sliwa has the best shot to defeat Mamdani. Incumbent Mayor Eric Adams and ex-Gov. Andrew Cuomo both are running on independent ballot lines. 'I still think Curtis Sliwa can win this race. No one knows this city better than him. He will qualify for matching funds. … He'll have a few million to make the case. He has a major party line,' Pataki said. 'What these polls don't show is that both Cuomo and Adams don't have a party line. They're running on created-by-petition parties. No one has ever won without having a major party line,' the ex-gov said.
Mint
2 days ago
- Business
- Mint
Subhash Chandra Garg: Don't vacillate on a regulatory framework for crypto assets
Next Story Subhash Chandra Garg India must catch up with other jurisdictions on setting up a mechanism for the legal oversight of digital assets that can assure investors the safety of their investments. Too many frauds have occurred. Time is ticking away but it's not too late to leap ahead. A strong regulatory ecosystem for crypto assets would enable Indians to participate in this market with confidence. Gift this article In early 2019, a committee I headed as secretary, department of economic affairs, proposed a law for digital currencies that would lay down the statutory base for a blockchain-based crypto assets ecosystem. In early 2019, a committee I headed as secretary, department of economic affairs, proposed a law for digital currencies that would lay down the statutory base for a blockchain-based crypto assets ecosystem. There was no follow-up on it and India still has no statute or regulation that defines 'crypto assets' and the rules of running a crypto business in the country. In the meantime, the world has moved rapidly towards mainstreaming crypto assets and crypto-currencies. The US Senate recently passed the GENIUS Act, legalizing privately issued dollar-backed stablecoins. The market value of cryptocurrencies now exceeds $3.25 trillion. If all cryptocurrencies are taken as a single currency, it would be the world's tenth largest by value. Can India continue to ignore crypto assets? Why should India not go about building a sound statutory and regulatory ecosystem for them? Also Read: Defence alert: Crypto is turning into a geopolitical weapon The consequences of inaction: I have closely watched India's crypto ecosystem over the past decade. Despite the absence of regulations, many crypto exchanges were set up. Operating outside the law or in a grey zone without a legal framework, they flourished for some time by conducting an incoherent mix of legitimate and illegitimate transactions. Then crypto gains were brought under the tax net, trading almost collapsed and some frauds came to light. GainBitcoin, a Ponzi-style multi-level marketing scheme that ran from 2015 to 2018, allegedly duped thousands of investors of an estimated ₹ 6,600 crore by promising fixed monthly returns of 10% on Bitcoin deposits, leaving scheme subscribers with worthless 'market capitalization' tokens. The Central Bureau of Investigation has been investigating it and conducting raids. Also Read: The triumph of crypto bros: Don't just shrug and move on WazirX, India's largest crypto exchange, faced Enforcement Directorate searches in August 2022, which led to the global exchange Binance publicly distancing itself from WazirX despite an earlier ownership claim, causing widespread confusion. In 2024, WazirX suffered a massive hack that resulted in the loss of 45% of the user assets (worth $230 million) held by it. There is no recourse in sight for the investors who lost their crypto assets. In a Singapore court, WazirX proposed a restructuring plan to distribute the remaining user assets. The proceedings reveal a tale of compromises, hidden actors and regulatory violations, including operations conducted without a digital token service provider (DTSP) licence. They also exposed an offshore entity registered in Panama that held effective operational control. Under the radar are numerous fly-by-night operators with various schemes aimed aggressively at retail investors in small cities. Some online exchanges are fake; others end in rug pulls, leaving asset buyers clueless once these platforms vanish. To prevent such fraud, India needs smart, enforceable and investor-centric crypto regulations. Let crypto crises not go waste: All the crypto crises we have faced, involving substantial erosion in the wealth of crypto investors, have reinforced what I have long maintained: India's approach to crypto assets has been piecemeal, passive and systemically unsustainable. We must bring crypto-asset operations in India within the ambit of a defined and enforceable legal and regulatory framework that would help create a fair and transparent system of ownership and trading. We should break the existing legal and regulatory logjam by separating trading, custody, lending, broking and technical services. This will help eliminate problems of groupthink and moral hazard (risky actions taken in the belief that someone else will bear the consequences). We also have to provide legal recourse to investors if a platform fails or causes them other forms of suffering. This is a moment of reckoning: We can avoid the flawed models of early crypto adopters. We know how to build large-scale digital systems. We built Aadhaar for identity, the Unified Payments Interface for payments and the goods and services tax network for taxation. We can surely build a reliable governance framework for digital assets and exchanges that operate as marketplaces for trades. These exchanges would ensure liquidity under the watch of independent custodians and a comprehensive regulatory mechanism. We can lean on global experiences. The EU's Markets in Crypto-Assets Regulation, for example, lays down clear responsibilities for operators and custodians. The GENIUS Act of the US focuses on regulating stablecoins. Even Pakistan is currently establishing a crypto-regulatory authority. India, a country that pioneered innovative infrastructure for fintech and digital payments, must not remain on the sidelines. We need to create space for well-regulated digital assets to thrive. Also Read: Rupee-backed stablecoins could complement RBI's digital currency India's new crypto assets ecosystem should have four cornerstones: First, clearly segregated functions for crypto exchanges, brokers, aggregators, custodians and other entities: These must be recognized as distinct players with defined roles. Second, compulsory licensing: All entities in the ecosystem must operate within sound financial regulatory oversight. Third, full and functional transparency: Institute regular audits, disclosure norms for operational structures and mechanisms for incident reporting. Fourth, insistence on Indian jurisdiction: Asset ownership and contractual agreements must be legally enforceable under a specific Indian law. In addition, we need strong penalties for fraud and false advertising to deter all actors with any mala fide intent. If we build a strong statutory and regulatory ecosystem for crypto assets, Indians would be able to participate in this market with confidence in the safety of their investments. Global investors will see India as a sound market. With clear obligations to meet, operators would focus on responsible innovation and safeguarding investor interests. Delays are costly, but India still has a leadership opportunity here. The time to act is now. The author is former finance secretary of India. Topics You May Be Interested In Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Yahoo
4 days ago
- Business
- Yahoo
Illinois House Speaker endorses Lt. Gov. Stratton for Durbin's senate seat
COOK COUNTY, Ill. (WGN) — Illinois House Speaker Emanuel 'Chris' Welch on Monday gave his endorsement to Lt. Gov. Julianna Stratton in her bid for US Senate, highlighting what he said is her compassion and commitment to public service. Stratton in April announced her campaign to take over Sen. Dick Durbin's seat, one day after he announced his retirement at the end of his term ending in January 2027. 'I know Juliana Stratton is the fighter we need in Washington because I've seen her be the fighter we need in Springfield,' Welch said. Welch was joined in his endorsement by the Democratic Party of Proviso Executive Committee, representing all 14 communities of Proviso Township. Stratton has already received the endorsement of Gov. JB Pritzker, Sen. Tammy Duckworth and former senator and ambassador Carol Moseley Braun, but for the first time in several years is building her own fundraising infrastructure and courting local political heavyweights. 'As families across our state watch the chaos coming out of the Trump administration with fear and uncertainty, I want every single Illinoisan to know we've got your back,' she said. Democratic Reps. Raja Krishnamoorthi and Robin Kelly, representing the state's 8th and 2nd Congressional districts, respectively, have also launched campaigns for Durbin's seat. 'It's hard to ignore Raja Krishnamoorthi, currently serving as a congressman, who has raised more money than anybody's got in the bank right now. Ordinarily you'd look and say, 'There you go,' but Lieutenant Governor Juliana Stratton, who is in this race, she has the unseen money right now, which is the backing of a governor who could write a check for more money than Raja Krishnamoorthi could ever dream of having,' WGN political analyst Paul Lisnek said. In the months ahead, the campaigns will fan out across the state. While they may have name recognition in their own districts, Lisnek said, they now have the challenge of introducing themselves statewide. The endorsement comes during another important week on the campaign trail. The Cook County Democratic Party hosts its slating meeting Thursday and Friday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Al Jazeera
5 days ago
- Business
- Al Jazeera
US House sends crypto ‘GENIUS Act' to Trump, in win for industry advocates
The United States House of Representatives has passed three bills related to cryptocurrency, sending one directly to US President Donald Trump and the other two to the US Senate. The votes by the Republican-controlled chamber come amid a wider push by the Trump administration to make the US the 'crypto capital of the world', in what the president has dubbed 'crypto week'. Trump and his family's emphasis on the largely unregulated crypto industry has also raised concerns it could be used to mask corruption and foreign influence. The bill that will go directly to Trump is called the GENIUS Act. It sets initial guardrails and consumer protections for a cryptocurrency known as stablecoins, which are tied to 'stable' assets like the US dollar to reduce their volatility. House Financial Services Chair French Hill said during debate on Thursday that the bill will 'ensure American competitiveness and strong guardrails for our consumers'. 'Around the world, payment systems are undergoing a revolution,' he said. The legislation passed in the Senate and by a 308-122 vote in the House. It garnered bipartisan support in both chambers. A second bill would create a new market structure for cryptocurrency. It passed by a slimmer margin of 294-134 and will need to go to the Senate, where lawmakers could craft a new version. That legislation aims to provide clarity for how digital assets are regulated, mostly by defining what forms of cryptocurrency should be treated as commodities regulated by the Commodity Futures Trading Commission and which are securities policed by the Securities and Exchange Commission. Commodities are typically considered goods that can be traded or sold, while securities, like stocks and bonds, typically refer to partial ownership of an asset. A third bill, passed by a narrower 219-210 margin, would prohibit the US from offering what's known as a 'central bank digital currency', essentially a government-issued form of digital cash. It will also head to the Senate. Trump's crypto interests Cryptocurrencies, which are unmoored from any central government authority, have exploded in popularity since first emerging in 2009. But experts have said US operations have been curtailed by unclear laws governing the industry. Advocates have said the bills passed on Thursday could help to hearken in more mainstream adoption. Still, Democrats critical of the GENIUS bill accused Republicans of fast-tracking the passage, while failing to address Trump and future presidents' interests in cryptocurrency. For example, a provision in the bill bans members of Congress and their families from profiting off stablecoins. That prohibition does not extend to the president and his family. Trump's family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin, USD1. Trump reported earning $57.35m from token sales at World Liberty Financial in 2024, according to a public financial disclosure released in June. A meme coin linked to him has also generated an estimated $320m in fees, though the earnings are split among multiple investors. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimise, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' Representative Maxine Waters, the top Democrat on the House Financial Services panel, said amid the flurry of votes on Thursday. Since taking office, Trump has also proposed creating a cryptocurrency 'national reserve' and has suspended Department of Justice investigations related to cryptocurrency. Some Democrats also criticised the GENIUS bill for creating what they called an overly weak regulatory framework that could pose longterm financial risks. They also say the legislation opens the door for major corporations to issue their own private cryptocurrencies.
